EBRD to lend to Sub-Saharan Africa from 2025
The expansion of the bank's mandate was approved on 18 May.
The board of governors of the European Bank for Reconstruction and Development (EBRD) has given the go-ahead for the lender to expand its operations into Sub-Saharan Africa.
Amendments have been made to the bank’s statutes to enable the “limited and incremental expansion of its operations” to Sub-Saharan Africa as well as Iraq.
From 2025 to 2030, the EBRD will be able to invest in up to six countries in Sub-Saharan Africa. The countries eligible to apply for recipient country status are Benin, Côte d’Ivoire, Ghana, Kenya, Nigeria and Senegal.
“This is a very important moment for the bank,” said EBRD President Odile Renaud-Basso. “Our distinct business model provides real added value which can complement the work of existing development partners and accelerate transition in Sub-Saharan Africa and Iraq. This decision also reaffirms our shareholders’ commitment to the global development agenda.”
We will also extend @EBRD's geographic reach with an agreement to expand our work into sub-Saharan Africa and Iraq.
— Odile Renaud-Basso (@OdileRenaud) May 18, 2023
At the end of a highly successful #EBRDam here in Samarkand I would like to thank our Governors for all their support and our staff for their hard work. pic.twitter.com/WxX15MaISx
Top photo: EBRD website (© Timon Schneider | Dreamstime)
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